Key Partners
- Mastercard network for all cards (FACT).
- AWS primary cloud provider (FACT).
- Chubb insurance, Claro phone plan (FACT).
- Lead Bank for US accounts (FACT).
- BCB, CNBV, SFC, OCC oversight (FACT).
Key Activities
- AI underwriting (NuFormer) in 3 portfolios (FACT).
- Limits grow with customer history (FACT).
- 100+ launches in 2025 (FACT).
- AI handles 60%+ of Brazil support chats (FACT).
- Winning bank licences (FACT).
Key Resources
- $45.3B deposits, 100% organic (FACT).
- Deposit cost 88% of interbank rate (FACT).
- 10+ years of transaction data (FACT).
- 10,027 employees, end 2025 (FACT).
- $8.9B total capital (FACT).
Value Propositions
- No-annual-fee credit card (FACT).
- Free digital account + Pix (FACT).
- Limits grow as you build history (FACT).
- Save, invest, insure in one app (FACT).
- 28M people banked for the first time in Brazil (FACT).
Customer Relationships
- App-only, no branches (FACT).
- Primary bank for 62%+ of actives (FACT).
- Primary-bank users default ~half as often (FACT).
- 83.5% monthly activity (FACT).
- 0.1% monthly net churn (FACT).
Channels
- 71% of new Brazil customers organic (FACT).
- Member-get-member referrals (FACT).
- Marketing $302.8M, ~1.9% of revenue (FACT / INFERENCE).
- App, cards, Pix, NuPay (FACT).
- 30,000+ cash points in Mexico (FACT).
Customer Segments
- 139M customers (FACT).
- ~118M Brazil, 15.8M Mexico, 5M+ Colombia (FACT).
- 62% of Brazilian adults (FACT).
- 5.9M SME accounts in Brazil (FACT).
- US + Nu Global since Sep 2026 (FACT).
Cost Structure
- Credit losses $4.20B (FACT).
- Deposit interest $3.88B (FACT).
- G&A $1.42B; support $652M (FACT).
- Marketing only $303M (FACT).
- Efficiency ratio ~20% (FACT).
Revenue Streams
- Interest income $13.43B, 85% (FACT / INFERENCE).
- Loans $4.78B; cards $4.60B (FACT).
- Interchange $1.72B (FACT).
- Late fees $385M (FACT).
- ARPAC $17.1 / month (FACT).